LTCG on sale of residential plot

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2010 I have sold a residential plot in 2009 whis was purchased in 2003.after sale of plot in 2009, I have purchased new residential plot in 2009. what is my tax liability on LTCG. Can I get exemption u/s 54 or 54F

srinath

srinath (Expert)
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30 July 2010 it is long term capital gain and u can claim exemption u/s 54F only if u purchase another house. or u can construct a house within 3 years and claim this as exp

and u can invest the proceeds in any capital account scheme with any of nationalised banks til the amount is spent

Querist : Anonymous

Querist : Anonymous (Querist)

31 July 2010 I M NOT SATISFIED

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srinath

srinath (Expert)
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31 July 2010 u r nor satisfied with the reply??

in wat way u want the answer

Querist : Anonymous

Querist : Anonymous (Querist)

01 August 2010 I just want to know that exemption is available in case of plot or I need to construct the plot. I mean to say that whether exemption is eligible in case of plot which is not constructed i.e residential plot is termed as residential house property.

srinath

srinath (Expert)
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01 August 2010 no as i told u u cannot avail exemption for purchasing plot.. u need to construct. construction can be done within 3 years from the date of transfer

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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01 August 2010 exemption is based on purchase or construct house property. sec.54f exemption is not allowed when purchase plot only. construction is must for getting exemption.